Femi Otedola has exited his controlling stake in Geregu Power Plc, as the company undergoes a significant change in its ownership structure.
The development was confirmed by Geregu Power’s board in a notice to the Nigerian Exchange Limited (NGX) on Monday. This follows a shareholding restructuring completed on 29 December 2025.
The transaction saw MA’AM Energy Limited acquire a 95% equity interest in Amperion Power Distribution Company Limited, the majority shareholder of Geregu Power. This move effectively transferred the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Otedola to MA’AM Energy. While the direct shareholding of Geregu Power listed on the NGX remains unchanged, the transaction alters the ultimate beneficial ownership of 77 percent of the company’s issued share capital.
Otedola, who served as Chairman of Geregu Power’s Board, has been a key figure in the company since its formation. He, along with his associates, had guided the company’s strategic expansion in Nigeria’s power sector. After exiting Forte Oil, he acquired the now-435 MW Geregu II Power Plant, and established Geregu Power.
As part of the disclosures, the board announced the resignation of several top executives and directors, effective 29 December 2025. This includes Otedola, the CEO Akin Akinfemiwa, Deputy CEO Julius Omodayo-Owotuga, Non-Executive Directors Christopher Adeyemi and Olawunmi Otedola, and Independent Directors Anil Dua, Doron Grupper, Paul Gbededo, and Andrew Gamble.
According to the disclosure, former Zamfara State governor, Senator Abdulaziz Abubakar Yari, will step in as the new chairman of Geregu Power. However,
In its notice, the board expressed confidence that the new appointments would strengthen Geregu Power’s governance framework and strategic direction. The reshuffle is seen as part of a broader effort to ensure that the company continues to attract investors and scale operations in line with Nigeria’s power sector growth objectives.